Archive for September, 2016

Bond Type: Athletic Contest Bond
Definition: An Athletic Contest Surety Bond is a license and permit surety bond required by certain government jurisdictions. These bonds are typically required in addition to the annual professional licensing bonds for promoters or sports promoters who promote professional sporting events like boxing contests. These bonds are event specific and cover a single event and the obligations due for that event, such as payments to athletes and venue owners that the promoter promises. Or some jurisdictions will require an event specific bond that guarantees payment of all gross tax receipts owed for promoted events.Requirements:

There cannot be a felony or a disqualifying misdemeanor on the record.

Obligee: State

How much do Sports Promoter Bonds cost?

As is the case with most types of license bonds, prices are based almost solely on the promoter’s personal credit. Sports promoters with excellent personal credit can expect to pay annual premium ranging from 1 to 3% of the total bond amount. So if you get approved at a 1% rate for a $15,000 PA Professional MMA Promoter Bond, you pay $150 per year in exchange for bond coverage.

How do I get a Sport Permit or Athlete Agent Bond?

The first step is to apply for one at BuySurety.com. By applying directly on our secure application, most applicants can receive a quote within just minutes.
As part of your approval, your bond agent will provide you with the premium amount due along with an agreement with the bond company. Once you’ve provided payment and a signed copy of the indemnity agreement, your Sports Promoter Bond will be issued promptly.
Once you receive the original bond, sign it in the applicable spot, and then provide it to the obligee (state) requiring the bond, and you should be all set.

Can I get a Promoter Bond if I have bad credit?

Yes, but rates may vary. Depending on what surety company you apply with, promoters with bad credit can pay up to 15% of the bond amount per year for their bonds.

Do I need a separate promoter bond for each state?

Most state athletic commissions require that a separate bond be filed for each state a promoter is licensed in. While our agency can help with information on most states’ requirements, it’s always a good idea to check the state department requiring you to be licensed for the most up to date requirements.

Surety Bond Type: Administrator Bond, Probate bond, Fiduciary Bond
Definition: This bond is required by the court for a person to become an administrator of an estate to assure that he or she is responsible in carrying out their duties as the appointed administrator. An administrator is assigned when there is no will. This bond falls under commercial bonds in the category of probate. The court requirements will vary by state, county, township or city where the decedent lived at the time of death. If you do not handle the estate of a deceased individual according to the will or a court, a claim can be filed on your bond which you’re responsible to pay. A bond can be required even if the will states that no bond is needed, as it is ultimately left to the judge’s discretion. You must obtain an attorney to open the probate and allow the court to require the bond and set the amount. They attorney must remain on the case until closed and bond is released by the court.
Requirements:

There cannot be a felony or a disqualifying misdemeanor on the record.

No open tax liens or bankruptcy

Court documents noting the bond requirement

Attorney on the case, who will remain active until the case is closed

Obligee: Probate Court
Typical Bond Premium: For most states, the bond will cost a percentage of the bond amount. Approval is based on personal credit. The first year of the bond is fully earned even if it is released during the first year. The bond renews yearly and premium is due until the bond is released by the court and proper documentation is provided to your surety company. If the release occurs after the first year and you have paid the subsequent yearly premium, the premium will be prorated and a partial refund to you will occur.
Surety on the Rocks: Mojito Slushie – makes 4 drinks, ½ cup fresh lime juice, ¼ cup agave, 1/3 cup fresh mint leaves, 2 limes zested, 1 ½ cup ice, ½ cup rum
Combine all ingredients in a blender, serve and enjoy!

Bond Type: ARC Bond aka Airlines Report Corporation BondDefinition: This bond is required by airlines to ensure travel agencies will compensate them. If payments are not forwarded for air travel that you collected from your customers to the appropriate airline, a claim can be filed on your bond.
Requirements:

There cannot be a felony or a disqualifying misdemeanor on the record.

Obligee: Airlines Reporting Corporation
Typical Bond Premium: For most states, the ARC bond will cost a percentage of the bond amount. This percentage is based on personal credit and business experience.
FAQ:
Are these similar to travel agent bonds? Yes. However, they are not the same. Travel agency bonds guarantee all of the agencies bookings, whereas ARC bonds are limited to airline bookings only. ARC bonds are required by the Airlines Reporting Corporation while travel agent bonds are required by various states. Therefore, depending on location, it is possible for a travel agency to be required to post both bond types.
Can I get this bond without collateral? Yes, we have a number of specialty markets that do not require collateral.
Are ARC bonds considered a high risk bond? Yes. Since they guarantee the transfer of funds their risk is higher than most other miscellaneous bonds. This makes them not only harder to qualify for, but makes their terms less appealing than other surety bonds.
Surety on the Rocks: Wine Slushie – serves 2, 1 lb frozen peaches, 3 cup pinot grigio, 1 lb frozen strawberries
Blend peaches and 1 ½ cup Pinot, set aside. Blend strawberries and 1 ½ cups Pinot. Pour in peach blend until glass is ½ full, then pour in strawberry blend. Do not blend, serve.

Surety Bond Type: Today we are blogging about the Title Bond; aka lost title, defective title, or indemnity bondDefinition: This bond is required by most states when an owner has a lost or a defective title or was never given a title to their vehicle. The state determines the value of the vehicle so your first step is to contact the DMV either by phone or in person. They will tell you the dollar amount you are required to get – please do not determine this on your own. Once a bond is executed you have 30 days to file with the DMV and once you file with the DMV they will provide you with a title and will hold the bond for 3-5 years depending on their requirement.
Requirements:

There can not be a felony or a disqualifying misdemeanor on the record.

Make, model, year, body style, Vin # of vehicle and your name exactly how it appears on your driver’s license

Obligee: State DMV
Typical Bond Premium: For most states, the bond will cost approximately $150 when the value of the vehicle is below $10,000. This is for the full 3 year term typically required by the states.
Surety on the Rocks: Tropical Sunset
½ oz tropical coconut schnapps, ½ oz watermelon Schnapps, ½ oz crème de banana, 3 oz pineapple juice and 2 oz orange juice
Build over ice, stir, serve and enjoy.

Definition: This surety bond is to protect the person that is being taken care of. To ensure the principal is honest and taking care of the ward in compliance with the court and considers the wishes of the ward.
Requirements: